Turkey’s cracking down on crypto, and it’s causing a stir. The Financial Crimes Investigation Board (MASAK) just dropped some serious new rules, and a Turkish crypto analyst is breaking it all down for us.
New Rules, New Headaches for Traders?
MASAK’s new guidelines (Communique No. 29) aim to prevent money laundering and are impacting how people use crypto in Turkey. One big change is a mandatory waiting period for withdrawals from exchanges:
- First-time withdrawals: 72-hour hold
- Subsequent withdrawals: 48-hour hold
Analyst Burak Kesmeci calls this a “negative development” for traders, especially those doing short-term trades. While it’s meant to stop illegal activity, it definitely slows things down.
Transfer Limits and Stablecoins
There are also new limits on transferring money from exchanges to cold wallets (where you store your crypto offline). These limits apply only to stablecoins (cryptocurrencies pegged to a stable asset like the US dollar):
- Daily limit: $3,000 – $6,000
- Monthly limit: $50,000 – $100,000
You can still move other cryptos like Bitcoin and Ethereum without these restrictions. This is because the limits are based on an older regulation focused solely on stablecoins.
More Transparency and Safer Custody
MASAK is also pushing for more transparency. All exchanges now have to list new tokens on Turkey’s Public Disclosure Platform (KAP). Kesmeci sees this as a positive, as it gives users more insight into the listing process.
Finally, there’s a new rule about keeping crypto safe. Exchanges must keep 95% of user funds with approved custodians, leaving only 5% on the exchange itself. This is to prevent collapses like the FTX and Thodex scandals. Exchanges will be closely monitored to ensure they stick to this 95/5 split.
